CREJ - Office Properties Quarterly - March 2017
As we wrap up the first quarter, the headlines seem favorable across the state. While there are always areas to watch, many seem optimistic and confident that the demand for office will keep up with, or possibly surpass, supply. As 2017 finds its rhythm, I’m excited to watch a few things play out. I’m hearing more frequently murmurings of an open-office backlash. While any knowledgeable designer will stress the importance of a balanced office – one that appreciates quiet areas as well as collaborative spaces – I’ve read about companies that converted to an open plan only to realize their atmosphere wasn’t enhanced. I’ll be interested to see how this feedback is digested. Will we see new hybrid approaches or will we see more caution before companies jump on the open-office bandwagon? While I agree that the level of noise and distractions can affect productivity, there are some elements of this design mind-set that I hope stick around. Specifically, I appreciate the focus on the workers’ well-being. On Page 20, readers will learn about how occupant-first design is manifesting itself in office projects across the state and, on Page 22, read about how FirstBank used similar ideas to embrace its employees’ needs when designing its new headquarters. Both share the common theme of embracing the workers’ well-being – a trend many are getting onboard with. One more interesting trend I think we’ll see more of this year is the concept of smart-city developments. Page 19 highlights the Panasonic Enterprise Solutions Company (PESCO) facility, which is the first construction project built at Peña Station NEXT. The benefits of smart cities will impact all parts of life, but the impacts on office and multifamily most excite me. However, as technology becomes an even more prevalent influencer in our lives, attention must be paid to protecting that information. While working on the cover story, I focused on Colorado Springs. However, growth in the cybersecurity industry will reach across the whole state. As a leader in technology, I anticipate Denver will see many of its companies expand to cyber. In general, growth in the IT software cluster was Denver’s fastest-growing industry, nearly doubling last year, according to a Jan. 26 report from Metro Denver EDC. This employment growth was largely from company relocations, expansions and significant venture capital activity. Today, the Denver metro region employs 54,580 workers at 5,180 companies and has the eighth-highest employment concentration out of the 50 largest metropolitan areas, the report said. Please let me know what topics you’ll be watching within the office industry this year. And, as always, thanks for reading. Michelle Z. Askeland maskeland@crej.com 303-623-1148, Ext.104